EUR/USD: Bull Looks Stronger

• EUR/USD has been bullish on the H4 chart.
• The SMA 30 has been working as a support.
• The H1 chart produced a Morning Star at the Friday’s low.
• Intraday minor charts have been bearish.

EUR/USD- Technical Analysis- H4 Chart

The chart shows that the price has been choppy for a while around the simple moving average 30’s support. The buyers will be eagerly waiting to get a bullish reversal signal to go long in the pair and push it towards the North. The price may find its resistance around 1.08900.

However, the sellers may wait to sneak their chances as well. If the price makes a bearish breakout at the SMA 30 and confirms the breakout, they may wait to get a bearish reversal pattern at the value areas to go short and drive the price towards the South. In that case, it may find its support around 1.07500.

Price Action Analysis- H1 Chart

The chart shows that the level of 1.08125 has been holding the price as a support. The chart has produced a doji candle followed by a bullish engulfing one. Thus, the buyers may push the price towards the upside from here. The last swing high is going to be significant since it produced a strong bearish correction at the end. The chart suggests that the price has enough space to travel towards the North. It means that it may attract a good number of buyers to buy from here.

On the contrary, if the price breaches the support level, the sellers may wait for the price to produce a bearish reversal signal to go short in the pair. In that case, it may find its support around 1.07900.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn